What are Closing Costs?

Every home sale involves certain costs. Buyers and sellers usually share these costs, as the real estate sales contract specifies.

As you'll see below, many of the buyer's costs cover the costs of getting the mortgage loan. Since BeneGroup, Inc. has extensive experience with closings & mortgages, we can help you understand your closing costs.

Loan Estimates (LEs)

Very soon after you submit your application, we'll give you the "Loan Estimate" of your closing costs. The closing costs specified in the LE are estimated based on our experience with mortgage loans, but costs usually change a little bit between delivery of the Loan Estimate (LE) and closing. We will be glad to review the "Loan Estimate," answering questions and pointing out costs that sometimes change slightly at closing.

Below is a generic list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we provide your Loan Estimate.

Standard Closing Costs

Loan-Related Costs

• Credit Report
• Interest Payment
• Escrow Account
• Taxes
• Costs associated with "originating" your loan
• Points — lower your mortgage interest rate (optional)
• Appraisal Costs

Property Taxes

• Recording Fees and Transfer Taxes
• Insurance

Homeowners Insurance

• Private Mortgage Insurance (PMI)
• Title Insurance
• Flood / Earthquake Insurance if applicable

BeneGroup, Inc. can answer questions about these closing costs. Give us a call at 4083956018.